Light Science Technologies Holdings plc (AIM: LST), the controlled environment agriculture (“CEA”) technology and contract electronics manufacturing (“CEM”) group, provides an update on current trading.
As of today’s date, the sales pipeline of quoted work is over £60 million, of which there are forward orders and contracts worth £18 million*. The sales pipeline continues to grow with a number of factors contributing, including the pressing need for food security and to grow more produce locally, sustainably and energy efficiently.
However, the positive pipeline growth is negated by the elongation of the sales cycle due to a number of factors, including government grant delays and input inflation experienced by growers which cannot be passed on to customers, which has led to capital expenditure by growers being delayed. As a result, Group revenue is now expected to be approximately 35 per cent. below market expectations for the year ending 30 November 2022. Accordingly, the Group currently expects to report a loss before tax for the current year in the region of £2 million.
The benefit of the conversion of the pipeline will, in the Board’s view, fall into the next financial year. Notwithstanding the delay in revenue, the Board is confident the overall prospects for the Company remain strong.
* Subject, inter alia, to certain milestones and conditions as more fully described in the Company’s announcement on 15 October 2021 and mentioned in the Company’s AIM Admission Document
For further information, please contact:
Light Science Technologies Holdings plc
www.lightsciencetechnologiesholdings.com
Simon Deacon, Chief Executive Officer
Jim Snooks, Chief Financial Officer
Andrew Hempsall, Chief Operating Officer
via Walbrook PR
